What's the cheapest way to...?


(Harry) #1

Howdy :wave:t3:

I’m moving to Australia mid-April for a year and I’m looking for the cheapest option to send money to from a GBP bank account to a AUD bank account and vice versa.

The two options I’ve looked at so far are:

  1. Top up Revolut using my UK bank account and transfer to my Aussie bank account, this is free of charge on Revolut’s side and takes 5 working days but my Aussie bank account will charge me up to AUD$11 to receive this transfer as it’s completed via SWIFT.

  2. TransferWise - To transfer roughy £1000 to my Aussie bank account it costs roughly £6 and is completed within 2 working days. There are no charges to receive as it’s completed as an internal australian transfer.

From looking at this, it looks like TransferWise is my best option here . The process works in exactly the same way (and has very similar charges) if I were to do the transfer the other way around (from Aus to UK).

But I wondered if anyone else had experience of this and if there were any other options it’s worth me considering? :thinking:

Thanks
Harry


(Simon B) #2

TransferWise is the way to go, IMO!


#3

Yes, between Revolut and Transferwise I’d always choose the latter - especially if more than a few quid are concerned…


#4

TransferWise FTW


(Harry) #5

Thanks for the replies :smiley:

I thought TransferWise was the best option but wondered if I was missing any other competitors!


(Kevyn) #6

I always use Revolut for Euro transfers because fees are lower than TransferWise (as in zero fees for Revolut). But you are right, the SWIFT fee the Aussie banks take makes TransferWise the better option in your case.